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Binance records $3.64 B net outflow after reopening withdrawals

Binance noted large fund movements following a $6.3 B hack linked to North Korean hackers, absorbing most losses.

By PulseWire NewsSource: upi.com1 min read
Binance records $3.64 B net outflow after reopening withdrawals
Image via upi.com

In brief

On Nov 1, Binance reported a net outflow of $3.64 B as customers withdrew funds after the exchange reopened withdrawals following a $6.3 B theft allegedly carried out by North Korean hackers, with Binance absorbing 95% of the loss and stabilizing withdrawal volumes.

Binance recorded a $3.64 B net outflow after it reopened withdrawals on Sunday, Nov. 1, as customers moved funds off the exchange in the wake of a $6.3 B theft that the FBI has linked to North Korean hackers.

According to United Press International, the crypto exchange said it processed withdrawals of $4.65 B and received $1.01 B in deposits by 15:30 GMT, leaving a net outflow that was 2.1 % of Binance’s $171 B in total assets as of Oct. 28 proof‑of‑reserves data.

Binance began the phased restoration of withdrawals at 06:00 GMT and rolled out services for all 15 supported networks and assets by 12:36 GMT, while continuing to test remaining assets.

“Binance said it would absorb the financial impact of the stolen funds instead of passing losses on to users,”

In a company statement, Binance added that it had covered “around 95% of the impacted amount, up from 90% in its previous update,” noting that the remaining 5 % involved less liquid tokens that would take longer to source in sufficient quantities.

The FBI identified the attack as the operation TraderTraitor, attributing it to a North Korean hacking group. Binance’s net outflow figures were reported by United Press International and echoed by market‑reporting services that documented the same $3.64 B figure for the Nov. 1 withdrawal window.

Withdrawal volumes had spiked initially and are now stabilizing, while deposit volumes remain substantial, the exchange said, signaling a return to routine trading activity after the security breach.

The incident underscores the heightened risk of large‑scale cyberattacks in the cryptocurrency industry.

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